Hotel, bars, offices dropped from Hearts' new main stand plans

HEARTS intend to adjust their plans for the £51million redevelopment of Tynecastle's main stand by delaying the building of commercial and leisure facilities as part of the project.

Club director Sergejus Fedotovas, below, speaking at a football management briefing with supporters, explained that the preference is now to build a straightforward stand without additional commercial and leisure facilities during the first phase.

In January 2008, the Hearts board applied to Edinburgh City Council for detailed planning permission for the elaborate project. They revealed plans to demolish their dilapidated main stand and construct a state-of-the-art replacement, bringing stadium capacity to around 23,000 by this year. The new stand would also include commercial office space and leisure facilities, such as a hotel and bars, and would be funded primarily by the club's parent company, Ukio Bankas Investment Group.

However, Fedotovas said he and his fellow directors are examining how to alter the initial plans. "We are re-addressing the situation and changing the shape of the proposal given the current economic climate," he said.

"We are looking at a new stand without the additional commercial development on site (in the first phase]. We are doing the initial calculations and we believe the new proposal can work. We are working on the business model now, and we hope to announce the shape of this towards the time of the AGM (late March or early April], or thereabouts."

Fedotovas added that UBIG plan a second debt for equity swap, similar to the one conducted in July 2008 to the tune of 12m, which will help reduce the club's debt.

He also responded to one supporter's question on why majority shareholder Vladimir Romanov has failed to attend a single Hearts match this season. Fans have become concerned that the Russian entrepreneur is not as devoted to the cause as he was in the months following his takeover in 2005, but Fedotovas moved to allay such fears.

"On behalf of the board and Vladimir Romanov I want to thank you for your support," he continued. "It is difficult for Mr Romanov to travel here with his business commitments, but I can assure you he has a full heart for Hearts.

"He provides millions of pounds each season to support this club. This is very important support. I want to assure you that he cares for the club and I am really happy with his commitment. At the end of March there are direct flights to Scotland from Lithuania, so I hope there will be occasions we can see him before the end of this season."